Meanwhile, the situation in the copper market has reached an extreme with producers actually moving to a NET LONG position for the first time in many years:

Producers are net short 99% of the time given that they generally use the futures markets to hedge their future production. A producer net long position is something that should cause market participants to stand up and take notice. However, if history is any guide the current copper catastrophe may not find a bottom until price reaches the 200-month moving average:

The 2008-2009 Global Financial Crisis copper crash ended right at the rising 200-month moving average. The $2.20/lb price level ($4,850/tonne) also roughly equates to the 75th percentile of cash costs which might be low enough that it could put a significant enough squeeze on producers to trigger a large supply response: